Following a successful investment road show by a Rwandan team in India, the Rwanda Development Board (RDB) signed a preliminary investment partnership worth US$250 million.
The deal was signed with India’s Universal Empire Infrastructures Limited (UEIL), to construct mega medical and IT facilities, technical training institutes as well as to improve agricultural mechanization.
Clare Akamanzi, the Chief Operating Officer of RDB, and Balachandran Nair, Managing Director of UEIL, signed the pact, last week, in Kigali, in the presence of Rosemary Mbabazi, the Director for Investment Promotion in RDB.
According to Vivian Kayitesi, RDB’s Acting Head of Investment and Implementation, the agreement will focus on establishing a knowledge hub that entails a multi-disciplinary university with different school faculties, particularly in medicine, engineering, agriculture and several arts.
The second part of the pact will focus on establishing an integrated food processing facility.
“In January, UIEL will send a delegation from India to discuss the feasibility study and the business plan; thereafter, the deal will be concretized,” Kayitesi said in an interview yesterday.
She added that through the India investment road show that took place from October 18th-26th, RDB had realized numerous business opportunities that both countries would exploit to increase their exports and the growth of their local markets.
“We were able to get over one hundred viable business contacts, which we are committed to follow up and start as many partnerships as possible,” Kayitesi noted.
“We have an excellent relationship with India, which is a huge potential for long term investment partner with Rwanda.”
UIEL is a leading group of companies with headquarters in Kochi, India, with businesses spanning across healthcare, aviation, tourism and education.